The firm has announced it is working towards stopping using fossil fuels altogether in its bid for carbon neutrality and has challenged its competitors to do the same.

Søren Toft, Chief Operating Officer at Maersk, said the only way wide-scale decarbonisation across the industry can be acheived is by “fully transforming to new carbon neutral fuels and supply chains”.

He added: “The next five to 10 years are going to be crucial. We will invest significant resources for innovation and fleet technology to improve the technical and financial viability of decarbonised solutions.

“Over the last four years, we have invested around $1 billion (£770m) and engaged over 50 engineers each year in developing and deploying energy efficient solutions. Going forward we cannot do this alone.”

The company is already investing in renewable fuel sources and cleaner shipping models – it stresses new, innovative solutions are needed as electric motor and battery technology alone are likely to struggle to power massive, heavy ships over long distances.

The company hopes to meet their 2050 carbon neutrality goal by replacing their shipping fleet with clean energy-powered vessels when current models reach the end of their operating life.